Nifty PSU Bank index slips 8% over two trading days, Indian Bank and BOB witnesses decline of up to 11%

Nifty PSU Bank index slips 8%

The index of Nifty PSU Bank has also shown a significant decline, falling by 8% in the past two trading days, when investors were involved in profit booking activities. In the intra-day trade on Monday at the National Stock Exchange (NSE), the index declined by 2.4%, which is a continuation of the low growth that had started after hitting record highs. Individual performers at the Indian Bank declined by 4% to ₹810.60 with an overall decrease of 11% during the two days following a record high of ₹923. Bank of Baroda (BOB) also experienced a decline of 3% in intra-day trade to ₹270.50, and as a result, this cumulative loss had reached 10% in the span of two days.

Performance and primary focus

The largest public sector lender in the country, State Bank of India (SBI), was not spared in the sell-off. Its stocks declined 3% to ₹990.20 in the intra-day trades on the NSE. SBI market price is down by 8% within the last two trading sessions and is declining on a record high of ₹1,083.60 that was experienced on Sunday, February 1, 2026.

The Nifty PSU Bank index had other constituents, which included Punjab National Bank, Uco Bank, Punjab and Sind Bank, Indian Overseas Bank, and Union Bank of India, which also, each of which was down by about 2%. Even following this short-term correction, the Nifty PSU Bank index has been able to outperform the rest of the market by far, gaining 21% in the past five months as opposed to the 1% increment in the Nifty 50.

The market trend coincides with huge policy announcements on the future of the Indian banking sector. The Centre has announced intentions to set up a top-tier banking committee on Viksit Bharat. This committee has the responsibility of scrutinizing the structure of the sector in a manner that will prepare it to enter the second stage of Indian economic development.

One of the main areas that the panel will be concerned with is the development of fewer and bigger banks with robust balance sheets, and this may include the compaction of small public-sector banks. In addition, the committee should review the ownership structures in banks and the disproportion between ownership and voting rights in private banks, which, at the moment, limit voting to no more than 26%.

Ambitious disinvestment and market segments

The government can also review the foreign ownership policies, such as the 20% foreign direct investment (FDI) limit on state-owned banks, as part of the structural review. According to analysts at ICICI Securities, shifting towards a standardized and transparent system rather than case-by-case approvals would enhance efficiency in the deployment of capital and risk management.

In FY27, the Centre has established a target of ₹80,000 crore of disinvestment and monetisation of assets. This is a steep 135% growth based on the adjusted FY26 forecast of ₹33,837 crore. With the government still seeking to complete all disinvestment decisions by the cabinet, which include the realisation of stake sales in IDBI Bank, LIC, and dilution of stake in other PSU banks to comply with minimum public shareholding requirements, Finance Minister Nirmala Sitharaman has hinted that the government will still pursue all disinvestment proposals approved by the cabinet.

According to the opinion of market professionals at JM Financial Institutional Securities, this forward-looking attitude of the government is a plan to achieve significantly greater financial demands of the economy by 2047. It is regarded as a critical step towards the Viksit Bharat theme since the assessment of whether the existing banking system will be able to serve the demand in the future is considered.

The increase in the securities transaction tax (STT) is deemed to have negative impacts on the short-term market sentiment, although it is likely to aid in the management of speculative behavior. The fact that GST does not apply to domestic brokers is a marginal positive. The aggressive miscellaneous receipts target of FY27 shows that the government is considering key initiatives within the space of the public sector banking to achieve its financial objectives.

Conclusion

The 8% decline in the Nifty PSU Bank index in recent times signifies a bout of consolidation and profit-taking after a couple of years of outperformance. India banks, including Indian Bank and Bank of Baroda, have fallen by double-digits; the long-term prospects of the industry are being pegged on the ambitious reform agenda of the government.

Under the plans with a high-level review committee, possible bank mergers, and an ambitious ₹80,000 crore disinvestment agenda, the landscape of the state-owned banking sector is ready to undergo major structural changes. Shareholders are now weighing these long-term growth opportunities and policy changes against short-term market instability and new tax structures.

Biopharma leaders welcome Biopharma SHAKTI for India’s pharmaceutical landscape

Biopharma Leaders Welcome Biopharma SHAKTI

The Indian pharmaceutical environment has been provided with a groundbreaking program by the Union Budget 2026-27 in the form of the program, Biopharma Shakti. Finance Minister Nirmala Sitharaman declared that it will allocate ₹10,000 crores in the coming five years directly to establish India as the global biopharmaceutical manufacturing hub. The move has received extensive praise among the industry players who consider it a decisive investment in the future of health and innovations in the country. The government is indicating a new priority in favor of high-value, complex therapies by designating biopharma as one of seven strategic frontier areas necessary in the treatment of the modern disease burden.

Central objective of the Biopharma Shakti program

One of the primary goals of the Biopharma Shakti program is to create a strong ecosystem of biologics and biosimilars domestic production. With the changing focus in India on health issues to non-communicable diseases, including cancer, diabetes, and autoimmune diseases, access to these superior medicines is becoming urgent to increase longevity and quality of living.

The budget presents an elaborate roadmap that involves the creation of the three new special institutes dedicated to the research and production of biopharmaceuticals. The seven existing National Institutes of Pharmaceutical Education and Research (NIPERs) will be transformed into updated labs and pilot-sized production plants to widen the current infrastructure and talent shortfalls.

Initiative and strategic shift

The Biopharma Shakti program is planned to take India a step further as a nation producing generic drugs and become one of the world’s manufacturers. According to the leaders in the industry, the focus on biologics is especially opportune because the country is on the verge of leading globally in this area. To facilitate this shift, the government has suggested a significant growth of the national clinical trials network, which it intends to develop into 1,000 accredited clinical trial sites nationwide. A special scientific cadre will be strengthened in the Central Drugs Standard Control Organisation (CDSCO) to facilitate and match international standards of regulation and thus shorten the period of clearance, and increasing the competitiveness of India among other countries in the world.

The strategic change under Biopharma Shakti does not concern only the scale-up of manufacturing, but also the domination of future patent cliffs in foreign markets in the coming four years. The initiative is beneficial in enabling new-age therapies to be more affordable and accessible to a larger population, both in terms of exports and domestic health security.

In addition to the long-term infrastructure objectives, the budget will bring immediate relief to patients by waiving basic customs duty on 17 cancer drugs and by expanding waivers on seven rare cancer drugs. The combination of these with the development of a dedicated global workforce of allied health workers and care providers is indicative of a patient-first strategy that would make India base its economic development on a more robust and inclusive healthcare system.

Conclusion

Biopharma Shakti is a landmark in the transition journey of India to value-oriented leadership in the life sciences industry. The ₹10,000 crore commitment is on a long-term basis of innovations, which links research and development to high-level manufacturing and regulatory superiority. This initiative will strongly establish India as a force to be reckoned with in terms of biopharmaceutical innovation in the world by solving the bottlenecks in talent and infrastructure.

By aligning the country’s capabilities with the best international standards, the nation guarantees that the life-saving therapeutic interventions of high quality continue to be available to the patients within India and even beyond the nation, which eventually leads to the vision of a healthy and stronger country.

The Union Budget of India allocated ₹6,000 crore for digital census implementation

Union Budget digital census allocation

A major turn in the administrative history of the country has lately been made when the Union Budget has set aside ₹6,000 crores towards the coming population census. This huge financial injection is a new era for the exercise, which traditionally is a decennial count, yet has had to endure a long delay of more than five years.

This expenditure is notably impressive compared to the amounts allocated to it in the past, since it indicates almost a six-fold hike from the budgeted ₹1,040 crore allocated in the revised estimates of the 2025-26 period. This is an exclusive allocation to the office of Registrar General and Census Commissioner of India to ascertain that the infrastructure is sound enough to cope with the massive size of the project.

Key feature of the digital leap

This new census exercise is a significant paradigm shift in the way India gathers its most crucial national statistics and leaves traditional paper-pencil exercises behind, and shifts towards an entirely digital framework. With the massive budget, the census will make use of sophisticated mobile applications to simplify data collection and provide a higher level of accuracy.

The major aspect of this digital jump is the self-enumeration, which provides citizens with the ability to self-enlist information via digital means. This program is in line with the overall trends in the fast-growing digital transformation market in the country, which is a testimony to the high priority of the government in the construction of digital public infrastructure as well as in the development of advanced skilling in the country.

Strategic timeline and goal of this inclusion

The population census is now to be planned to open officially on April 1, 2026, and will be conducted in two phases. The initial step, which includes the house-listing and housing census, will take place up to September 30, 2026. The second step, which will be focused on the population enumeration, will occur in February 2027.

This timeline will enable an extensive collection of demographic, socioeconomic, and cultural populations in the country. In addition to the core census activities, the budget also covers the National Population Register (NPR) so that the government can have access to integrated and updated data to govern and plan its policies in the next few years.

One of the most innovative aspects of this next census is that caste enumeration will be included; it will be the first time such information will be recorded in this particular form. This inclusion is aimed at offering a more detailed and finer picture of the heterogeneous population of the country.

Although the specific methodology of this particular endeavour is yet to be fully developed, the idea is to record an in-depth socioeconomic picture of different groups. The census will attempt to offer a more objective base of information that represents the cultural intricacies of the Indian population, as the traditional demographic questions are coupled with these more precise social metrics.

Conclusion

The allocation of ₹6,000 crore to the census in India is an indication of a clear step towards a more efficient and technologically advanced system of keeping national records. The government is also ensuring that the information gathered is timely and accurate by dealing with the long-term delays and adopting a fully digital strategy.

This investment will not only support the short-term logistical demands of the 2026-2027 census but also create a digital infrastructure that will support the future planning and development objectives of the nation over a decade. The shift towards mobile apps and self-enumeration is an indicator of a new India that is willing to use technology to support all-around national development.

Dezerv revenue reaches ₹66 crore as employee costs surge to ₹111 crore in FY25

Dezerv ₹66 Crore Revenue

Dezerv is a wealthtech platform that has shown impressive levels of scaling in the 2024-2025 fiscal year and is continuing its growth path from the last year. As per the consolidated financial statements of the company obtained through the Registrar of Companies, the revenue of the operations of Dezerv increased 2.5 times and has reached ₹66 crore in FY25 as compared to ₹26 crore in FY24. This growth illustrates the growing presence of the platform in the wealth management industry, where it offers portfolio management, direct bond, and angel investing options to well-to-do individuals and working professionals of the upper tier.

Primary driver and robust growth

This revenue growth was mainly due to fees and commission income, which contributed about 67% of the total operating revenue. The particular segment experienced almost a fourfold surge and reached ₹44 crore in the fiscal year. There was an increase of over 4X in interest income amounting to ₹16.8 crore. All financial measures did not indicate an improvement, and net gains on fair value changes decreased by 55% and were at ₹4.8 crore during the same period.

In spite of the strong increase in the top-line revenues, Dezerv experienced a significant rise in total spending. The total expense of the company increased by 76% and reached ₹101 crore in FY24 and ₹178 crore in FY25. Employee benefit expenses were the greatest contributor to this expenditure, and this was still the main cost head to the firm. This expenditure is 62% of the total expenditure, which increased by a rate of 76% to ₹111 crore in FY25, as compared with ₹63 crore in the previous year. This drastic rise in staff expenses represents the firm’s heavy investment in talent in order to sustain its high growth rate.

The fiscal year also recorded significant increases in other operational costs. The costs of advertising and marketing increased by 67% to ₹30 crore in an effort to increase its brand presence and customer base. The cost of software witnessed an astronomical increase of 220%, amounting to ₹8 crore. Although the depreciation expenses also increased to ₹6 crore, the company was able to reduce its legal and professional expenses, which fell to ₹3 crore in the period.

Unit economics challenges and market position

The aggressive expansion strategy and high spending that ensued increased the widening of the losses of Dezerv. The total losses of the company grew by 49%, reaching the ₹112 crore mark by FY25. According to the financial report, the EBITDA margin of the firm was -159.09%, and the Return on Capital Employed was -39.36%. On a unit economics view, the data indicate that Dezerv incurred ₹2.70 per unit of revenue in the previous fiscal year, which has made the acquisition and operation expensive in its current scaling stage.

Irrespective of these losses, the Bengaluru-based company can be characterized by a relatively stable liquidity position. By March 2025, Dezerv reported cash and bank balances of ₹204 crore, and its total current assets were valued at ₹267 crore. 

The company has been able to accumulate this capital cushion through its successful fundraising efforts, as the company has raised about $100 million to date. This involves a new round of investment of $40 million directed by the leading investors, like Accel and Premji Invest.

Dezerv competes in a highly competitive market in wealthtech, where it has to face established industry participants such as Zerodha, Upstox, and Wealthdesk. The financial performance of these competitors puts into perspective the present financial status of Dezerv.

For instance, the bootstrapped giant Zerodha recorded a massive revenue of 8847 crore and a profit of ₹4,237 crore in FY25. Compared to this, Upstox, which has acquired more than $200 million, registered stagnant revenue of ₹3,902 crore in the same year. These statistics indicate the different sizes and financialization models that exist in the Indian wealthtech ecosystem.

Conclusion

The financial performance of FY25 shows that Dezerv experienced a time of intensive scaling with high rates of revenue growth, compensated by an even greater increase in operational expenses. Although the company has been able to triple its core commissions and retain a strong cash reserve due to strategic funding, there has been a huge increase in the costs associated with the employees and marketing expenditures, which has pushed the company into a loss that crosses the ₹100 crore mark.

Since Dezerv is still competing with both desirable bootstrapped executives and well-capitalized incumbents, its main issue will be to balance its high growth targets with better unit economics and a sustainable course to profitability.

Mitsu Chem Plast Limited announced robust Q3 FY26 performance, where EBITDA rises 73%, and net profit rose by 217% YoY

Mitsu Chem Plast Q3 FY26 results

Mitsu Chem Plast Limited, the renowned international company that specializes in the manufacturing of blow-molded and injection-molded products, has declared its unaudited financial performance for the three-quarter and nine-month financial period. Q3 FY26 showed a brilliant performance of the company with an overwhelming increase in profitability and operational efficiency. The quarterly net profit increased by 217.03% compared with the same period of the last fiscal year, increasing to ₹470.63 Lakhs as compared to ₹148.49 Lakhs. This radical growth in the bottom line was backed up by the total income that has also been steadily growing and now stands at ₹8,608.85 Lakhs, which is an increase of 6.92% compared to the same figure of ₹8,051.78 Lakhs in Q3 FY25.

Operational expansion and market reach

Another excellent performance of the third quarter was the massive increase in the EBITDA, which increased by 73.35% on a year-on-year basis to ₹954.45 Lakhs. This good operating performance resulted in an impressive growth of the EBITDA margin, which rose by 426 basis points to 11.10%, compared to 6.84% the year before. In the same manner, the Net Profit Margin improved by 363 basis points to 5.47%.

The Earnings Per Share (EPS) was also at this upward trend, increasing by 218.35% to become ₹3.47. These numbers would indicate that the company is concerned with improved product mix, cost efficiencies, and operational excellence, which have enabled it to turn small increases in revenue into large profit margins.

These strong financial performance outcomes are directly associated with the strategic efforts of the company, such as the capacity addition commissioned of about 655 MT a year to be completed in November 2025. This increased the overall manufacturing capacity of the company to more than 29,000 MT in a year.

This move was funded mainly by the internal accruals with the aim of reducing the increasing demand and enhancing customer service in its segments. Mitsu Chem Plast is still expanding its activities in various industries, such as hospital furniture via its brand Furnastra, infrastructure products, and industrial packaging materials such as bottles, drums, and jerry cans.

Vision and company performance

The growth of the company was not only confined to the third quarter, as the performance of the nine months (9M FY26) displayed notable improvement as well. The increase in total income was by 8.94% in comparison to the previous period of 2018 of ₹26,405.09 Lakhs. The net profit has more than doubled and has grown from 35.71% to ₹2,043.58 Lakhs, and the net profit has increased from 113.03% to ₹790.13 Lakhs. Such cumulative numbers highlight an increasing growth trend and the effective implementation of the strategic roadmap of the firm as it pursues its long-term goal.

The Chairman of Mitsu Chem Plast Limited, Mr. Jagdish Dedhia, pointed out that the performance is an outcome of the company’s commitment to developing scalable manufacturing capacity and disciplined performance. The management is still concerned with judicious use of capital and keeping the standards of quality high to guarantee sustainable development. The company is also capitalising on its good relations with original equipment manufacturers (OEMs) and making an increased presence in the domestic and export market (new ventures in Europe), with a clear roadmap to achieve its target of reaching ₹1,000 crore revenue by 2028.

Conclusion

The performance of Mitsu Chem Plast Limited in the Q3 FY26 is a significant milestone with a triple-digit increase in profits and a large margins expansion. With the ability to successfully integrate the new capacity and a clear focus on operational efficiency and efficiency, the company has positioned itself as a strong player in the manufacturing industry.

With its ongoing expansion of healthcare furniture and packaging operations, Mitsu Chem Plast should be in a good position to maintain its growth trajectories and provide long-term value to its stakeholders as it continues to meet its ambitious revenue goals by 2028.

MoEngage received NCLT approval for a strategic reverse merger to relocate its domicile from the US to India

MoEngage Received NCLT Approval

The Software-as-a-Service (SaaS) market leader, MoEngage, has received a major regulatory milestone on its way to changing its headquarters. A reverse merger enabling the company to change its corporate domicile to India has been formally approved by the National Company Law Tribunal (NCLT). This strategic action is largely considered the initial step towards the larger restructuring process in the company as it gets ready to have a probable public market entry in the Indian stock exchanges in the next few years.

Strategic alignment and legal process

On January 12, 2026, the amalgamation scheme was sanctioned by the Bengaluru bench of the NCLT in a detailed order. This is a legal procedure where MoEngage Inc., which is the current parent company, is incorporated in the state of Delaware, and will merge with its main Indian subsidiary, MoEngage India Private Limited.

Due to this scheme, which has been approved, the US-based entity will be integrated into the Indian arm and essentially cease to exist without the need for a formal winding-up process. The Indian company will be provided with all the operational assets, liabilities, and business functions.

The reason behind the shift of corporate headquarters back to India is that, after a lot of internal deliberations and consultation with professional advisers and bankers. MoEngage has been actively considering different options for an initial public offering (IPO) dating back to last year.

Since the company has shifted its domicile to India, its corporate structure is in tandem with its long-term goal of being listed on local exchanges. The management has insisted that the timing and avenue through which the company is to effect the IPO will largely depend on the market conditions.

The founder and Chief Executive Officer, Raviteja Dodda, has already mentioned that the company is currently on a constant assessment of the optimal direction on how to proceed with its public listing. He emphasized that the main objective is to make sure that the company is IPO-ready in the coming two years. The NCLT has given this regulatory approval, which gives the required legal framework to enable this transition, whereby India is the key center through which the company will be recognized worldwide in terms of corporate identity.

Market expansion and global reach

The NCLT has been approved after MoEngage was able to raise an expanded Series F in December 2025. It was a large round of funding amounting to $280 million, of which a $180 million tranche had been announced earlier.

The financing was a full package of both primary and secondary dealings, with an impressive list of high-profile financiers. The round saw significant involvement by ChrysCapital, Dragon Fund, Goldman Sachs Alternatives, and A91 Partners, which can be used as proof that the investors had great confidence in the business model and growth prospects of the company.

Raviteja Dodda and Yashwanth Kumar co-founded MoEngage in 2014 with the intention of offering advanced customer engagement and analytics. The AI-based platform of the company is currently a significant asset to the marketing and product teams around the globe, and it assists them in dealing with intricate customer experiences in multiple digital interactions. The company employs around 800 people worldwide and has managed to expand its business so far to accommodate more than 1,350 businesses in 75 countries.

The client base of MoEngage is highly diverse, and it is divided into traditional businesses and digital-first businesses. Its customers are mostly known old-established firms, around 60%, with the rest being large new-age companies like Swiggy, Ola, Mamaearth, and Policybazaar. This wide range of portfolios highlights the flexibility of the technology used by MoEngage to satisfy the demands of different sectors.

Geographically, in terms of revenue, the company has a strong presence internationally. North America generates about 30% of its entire revenue, and Europe and West Asia are the two regions that generate 25%. The other part of its revenue comes through India and other international markets. This steady source of revenue, in addition to the new Indian domicile, puts MoEngage in a position to capitalize on its international achievements and extend its reach in the Indian ecosystem.

Conclusion

The approval of the reverse merger by the NCLT is a conclusive milestone for MoEngage. The Indian parent company is not only streamlining its corporate structure by consolidating its operations, but it is also an indication of its interest in the Indian capital markets. Having a strong support of the global investors and a well-developed technology platform with a large base of enterprises, MoEngage can now plan on its mission to be a publicly-traded company in India.

Sun Pharmaceutical Industries reported strong Q3 growth with a net profit rise by 16% and declared a ₹11 dividend

Sun Pharmaceutical Industries Q3 Results

Sun Pharmaceutical Industries has declared a strong financial performance for the third quarter of the year. Its pharmaceutical powerhouse announced a growth of both its top and bottom lines in the two-digit growth, which demonstrates its strong operational results. The consolidated net profit of the company increased by 16% per annum to ₹3,369 crore in the quarter. This is a significant jump compared to the ₹2,903 crore that was registered in the same period of the last financial year. These figures, which were announced in the exchange filing of the company on Saturday, show a gradual upward trend in the profitability of the firm.

Strong operation and quarterly performance

Besides increasing the net profit, Sun Pharma experienced significant growth in its consolidated revenue from operations. The figure increased by 13.5% to ₹15,520 crore, as opposed to ₹13,675 crore in the previous year.

The operational leverage of the company was also high since its EBITDA increased by 23.4% to ₹4,948 crore as compared to ₹4,009 crore of the same quarter the previous year. This performance resulted in a major increase in EBITDA margins that shifted the margin from 29.3% to 31.9% per year. This type of margin expansion implies that the company could control its costs and increase the scope of its business operations.

After the impressive performance of 1st quarter, the board of Sun Pharma has announced a transient dividend of ₹11 per equity share of Re 1 each in terms of the financial year 2025-26. This dividend is a reward to the stockholders in the profitable expansion of the firm.

To enable this, the company has set the record date as February 05, 2026, in establishing the eligibility of the shareholders to receive the dividend. The dividend would be paid to the holding shareholders on or before 16 February 2026, according to the announcement made by the company.

Performance and segment growth

The company also enhanced its performance through its India formulations business that has registered sales of ₹4,998.6 crore, which is a growth of 16.2%. The company has a crucial part of its portfolio in the domestic market with an estimated 32.3% of the total consolidated sales.

In the US, the biggest pharmaceutical market, formulation sales increased slightly by 0.6% to $477 million. The company has reported that the growth in its Innovative Medicines line served as a critical factor in counteracting the shrinkage realised in its generics line of business in the US market.

The Managing Director of Sun Pharma, Kirti Ganorkar, was pleased with the quarterly results, and she stated that it demonstrates overall balanced growth of the business in different segments. He particularly identified the leadership of the Branded businesses in India, Emerging Markets, and the Global Innovative Medicines segment as the main contributors to this success. 

Ganorkar focused on the growth of innovative products of the company, referring to the introduction of Unloxcyt to the US market and Ilumya to India. These measures will provide differentiated therapies and significant innovation to patients around the world.

Conclusion

The third quarter of the 2025-26 fiscal year performance of Sun Pharmaceutical Industries highlights its strong market performance and operational capacity. By using its innovative medicine portfolio, the company has successfully overcome the competition in the market, especially in the US generics, as its net profit has increased by 16% and its revenues by double digits.

The announcement of a ₹11 dividend shows that the management is optimistic about the financial position of the company. As Sun Pharma keeps launching new treatments and entering more markets in the domestic and international markets, it is a giant in the pharmaceutical industry globally.

Relaxo Footwears Q3 PAT tumbles 20% to ₹27 crore amid margin pressure and one-time costs

Relaxo Footwears ₹27 Crore Profit

The third quarter of the fiscal year 2026 has seen Relaxo Footwears, the largest footwear manufacturing industry in India, report a massive fall in its profitability. The Profit after Tax (PAT) of the company decreased by 19.6% on an annual basis, resulting in ₹26.54crore in the current fiscal, compared to₹ 33.01crore in the same year last fiscal. This reduction in profits is despite the fact that the firm has fairly stable top-line performance, indicating a heavy burden on the bottom line from external and internal cost pressures throughout the October-December quarter.

Revenue from operations and a critical factor

In the third quarter, Relaxo recorded a relatively stable growth in revenue of operations, which increased slightly by 0.2% to ₹668.03 crore against ₹666.90 crore in the same quarter last year. This performance comes after some quarters of consecutive loss of revenue, which the firm has been able to stem with unremitting sales transformation efforts. The total income, including other sources of income, was ₹678.99 crore, and this represented a low growth by 0.79% against the ₹673.70 crore realized in Q3 FY25.

Operating margins placed significant pressure on the company in the quarter under review. The Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) decreased by 16.8% on a yearly basis to ₹69.39 crore against ₹83.39 crore. As a result, the contraction of the EBITDA margin was substantial by 211 basis points to 10.4% as compared to 12.5%. This tightening of the margin was largely explained by higher costs on sales promotion programs that were put in place to combat the stiff competition and to maintain the distributor network.

One of the key causes of the loss of profit was an extraordinary expenditure. The incremental cost of employee benefits in the December quarter was also ₹5.72 crore, that were incurred by the company due to the application of new labor codes. This one-time hit with a 2.22% increase in the total expenses to ₹643.07 crore also stretched the financial performance of the company. This led to a decrease of 98 basis points in the PAT margin of the quarter to 4.0% compared to that of the third quarter of the previous year, which was rated at 4.95%.

Segment performance and financial position

According to the Managing Director, Ramesh Kumar Dua, the overall operating environment was restrained because of the exercise of restrained consumer spending; however, there were pockets in which the environment was resilient. The organized retail (EBO stores), the e-commerce stores, and the large format retail stores of the company reported good performances. The general trade channel has started to record positive momentum. To propel its future growth, Relaxo is endeavoring to centralize its backend operations, streamline its supply chain, and increase operational efficiencies by investing in schemes such as the Relaxo Parivaar platform to enhance retailer interaction.

In the cumulative nine-month year ending December 31, 2025, Relaxo Footwears recorded a 6.8% reduction in revenues obtained on operations to ₹1,951 crore. EBITDA in the same period was ₹250 crore and a 12.8% margin. The nine-month PAT showed a slight decrease of 2.2% per annum, and it stood at ₹112 crore. Even amidst these headwinds, the financial strength of the company is strong, having a strong equity base and is rated [ICRA] AA with a stable outlook, indicating the low risk of credit and financial stability.

Conclusion

The Q3 performance of Relaxo Footwears indicates a transition phase during which the company is between recovery of volume and margin protection. Even though the decrease in net profit to 20% is an immediate effect of the high promotional expenditures and regulatory expenses, the fact that the revenue is starting to stabilize indicates that the sales transformation strategy of the company is starting to show.

Moving forward, the company will adopt a balanced strategy towards top-line growth and margins, with the goal of premiumization and operational excellence to overcome the competitive and inflationary environment of the Indian footwear market.

SBI launches CHAKRA to fund the sunrise sectors with 100 trillion over the next five years

SBI Launches CHAKRA

CHAKRA has been officially introduced by the State Bank of India (SBI) that is the largest lender in the country. The project is intended to be a Centre of Excellence that is focused on funding sunrise industries. These industries, which encompass renewable energy, green hydrogen, semiconductors, electric mobility, advanced cell chemistry, battery storage, data center infrastructure, smart infrastructure, and decarbonization, are considered to be the key drivers of the national development. SBI intends to offer targeted financial skills and capital construction required to fund intricate and high-impact projects by establishing a dedicated center for these industries.

Launch of CHAKRA

CHAKRA is supported by an enormous economic vision. The cumulative potential production of these sunrise sectors is what SBI has determined to be approximately $100 trillion in the coming five years. This huge forecast shows how important these industries are in the modernisation of the Indian economy and long-term sustainability objectives.

The chairman of SBI C.S. Setty noted that these sectors play a vital role in the economic development of India. The overall output is huge, but the bank has put a specific estimate of a direct lendable opportunity of approximately $20 to $22 trillion in these areas in the same five years.

Collaborative ecosystem and risk management

Funding of emerging technologies presents its own special issues with respect to the long gestation cycles and novel forms of operational risks. Chairman Setty explained that such sunrise industries might not be adequately funded with the use of conventional debt sources. To overcome this, SBI is working towards developing patient capital structures that are not just regular loans.

This could be done through mezzanine funding or the use of other various instruments of capital. SBI is increasingly involved in policy-making process to hone the manner in which these sectors are funded in a manner that would enable the financial community to better handle the risks that arise as a result of technological advancements that are becoming more advanced.

In a bid to enhance the effects of the CHAKRA initiative, SBI has signed memoranda of understanding (MoUs) with twenty-one leading financial institutions. This joint structure will enable project finance departments of diverse domestic and international financiers to liaise with the specialist SBI team, which will be situated within the CHAKRA center.

The partners of significance are international Japanese banks, including MUFG and SMBC, and large local state-run companies, including the Power Finance Corporation (PFC), Rural Electrification Corporation (REC), and the National Bank of Financing Infrastructure and Development (NaBFID). Such associations will be aimed at both opportunities of capacity building and co-finance assurances, to provide a sound flow of funds into capital-based projects.

Conclusion

The introduction of CHAKRA by the State Bank of India is a significant change in the way the most important financial institution in the country faces the upcoming generation of industrial development. By filling the gap between conventional banking and the more specialized requirements of the Indian technological sector, such as semiconductors and green energy, SBI is establishing itself as one of the foundations of Indian technological autonomy.

By concentrating on $100 trillion of potential output and creating advanced financing schemes, CHAKRA will give adequate impetus to make India a global giant in the industries to come. This initiative is not only ensuring that financial support of the critical infrastructure is secured, but also a cooperative world where policy, technology, and capital meet at the intersection of national development.

JJG Aero Secures $30 Million in Series B Funding from Norwest 

JJG Aero $30 million funding

Bengaluru, 31st January 2026: Bengaluru-based aerospace components manufacturer JJG Aero has secured $30 million in Series B funding from Norwest. The capital will be deployed primarily to build and add capacity at its upcoming facility in North Bangalore, drive further vertical integration, and support other strategic initiatives. This round brings the total funding raised to $42 million and includes the $12 million Series A led by CX Partners in April 2024.

Established in 2008, JJG Aero specializes in manufacturing high-precision machined components with in-house special process finishing capabilities, serving the aircraft systems and engines segment. The company also operates a subsidiary that serves auto component and industrial segments. JJG Aero’s client roster includes American and European OEMs and Tier-1 vendors such as Collins Aerospace, Safran, GE Aerospace, Pratt & Whitney, Woodward, and Liebherr.

“The last five years have witnessed exponential growth for companies such as ours that possess the capabilities, processes, compliance standards, and customer relationships to meet global aerospace demand. The opportunity is immense. From having two small one-acre sites, we are now building a massive Unit 3 on a 10-acre site with further backward and forward integration, and space to expand into adjacencies at the opportune time,” said Anuj Jhunjhunwala, CEO of JJG Aero. “The aerospace supply chain is facing an all-time high demand from aircraft manufacturers, which legacy vendors in the Western world are struggling to meet.

With our strengths and value proposition, we see ourselves as a key player for precision-machined components in the aerospace ecosystem. India has emerged as an attractive destination for sourcing components and parts by global leaders, and we are excited to be selected by so many marquee clients as a strategic growth vendor.”

“We are thrilled to invest in JJG Aero, our first investment in this segment. JJG Aero has demonstrated remarkable growth, with a CAGR of 35% over the last three years. This investment will enable JJG Aero not only to continue its growth trajectory through capacity addition but also to upgrade the quality of earnings by focusing on higher value-added components,” said Shiv Chaudhary, Managing Director at Norwest. “Indian businesses have a proven ability to provide high-quality products and services as an outsourcing partner to customers around the world.

With strong industry tailwinds, we believe that aero-parts and component manufacturing is emerging as an important segment in India’s manufacturing outsourcing story. We believe JJG Aero is well-positioned to capitalize on these opportunities and further solidify its presence in the market.”

From simple 2-axis to complex 5-axis machining, JJG Aero offers a comprehensive range of manufacturing services, complemented by over 30 NADCAP-approved special processes, including electroplating, anodizing, paint, and NDT. The company also performs mechanical assemblies, testing, and other value-added services to its esteemed client base. Veda Corporate Advisors acted as the sole transaction advisor on the deal.

About JJG Aero

Established in 2008, JJG Aero is a Bengaluru-based aerospace components manufacturer specializing in high-precision machined components with in-house special process finishing capabilities for the aircraft systems and engines segment. The company offers comprehensive manufacturing services from simple 2-axis to complex 5-axis machining, complemented by over 30 NADCAP-approved special processes, including electroplating, anodizing, paint, and NDT.

JJG Aero serves a prestigious roster of American and European OEMs and Tier-1 vendors, including Collins Aerospace, Safran, GE Aerospace, Pratt & Whitney, Boeing, Woodward, and Liebherr. With a CAGR of 35% over the last three years, the company is expanding its capabilities through a new 200,000 sq ft facility on 10 acres in North Bangalore, targeting ₹1,000 Crore in annual revenue by 2032-33. JJG Aero also operates a subsidiary serving auto component and industrial segments. For more information, visit www.jjgmachining.com

About Norwest

Norwest is a global venture and growth equity investment firm managing more than $15.5 billion in capital. Since its inception, Norwest has invested in more than 700 companies and currently partners with more than 250 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across key sectors with a focus on enterprise, healthcare and consumer. The Norwest team offers a deep network of connections, extensive operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses.

Norwest has offices in Menlo Park and San Francisco, Calif.; Mumbai, India; and Tel Aviv, Israel. In India, Norwest has a successful history in partnering with innovative companies across Financials, Industrials, Technology, Internet, Healthcare & Pharma and Consumer sectors. Some of the firm’s most notable investments in India include Swiggy, Sila, Regency Health, Amagi, Infinx, and Veritas Finance. For more information, please visit www.norwest.com.

India Power Corporation Limited to develop a significant 70 MW solar power project in Bhutan

India Power Corporation 70 MW solar plant

India Power Corporation Limited (IPCL) has officially announced that it will construct a huge 70 MW solar-powered project in Bhutan. This will be a significant move by the company in its attempt to diversify its renewable energy beyond India. The project is being developed in collaboration with the Royal Government of Bhutan that is interested in the mutually sustainable development of energy in the power industry in the region. It is also through its expansion to Bhutan that IPCL will harness the massive potential of the country in the renewal of energy sources, and also to the national goal of nationalization of energy security through diversified sources.

New solar project

The 70 MW solar plant under development is not a mere commercial undertaking but also a demonstration of the growing economic and energy relationship between India and Bhutan. The two countries have a long history of having a strong relationship in areas of hydropower, with India having a key role in the development of Bhutan’s water resources. This solar initiative is an indication of a transition to a multi-modal renewable energy alliance. 

The project will improve the stability of the local grid and increase the supply of clean electricity in Bhutan to satisfy the increasing needs of local and industrial sectors. In the case of IPCL, this project is an international flagship project that will demonstrate its technical skills in implementing a large-scale installation of solar systems in challenging environments.

Primary focus and long-term vision

Although the main objective of the project is to produce 70 MW of solar power, the project implementation plan entails strict site analysis and incorporation of the latest solar technology to achieve optimum performance. The geographic peculiarities of Bhutan offer a potential opportunity and a challenge to solar infrastructure; nevertheless, the experience in the power distribution and generation arena would enable IPCL to deal with these complexities. 

This project will also include the installation of solar modules that are highly efficient and have highly developed tracking mechanisms to maximise energy collection. The project will provide domestic job opportunities at the construction level and the operation level, which will develop the skill base in the field of renewable energy in Bhutan.

In the case of India Power Corporation Limited, this project is one of the milestones in its long-term vision of becoming a strong force in the global green energy transition. The corporation has been gradually placing its emphasis on the use of non-fossil fuels as a source of energy, and the Bhutan project is a pillar of this policy.

The successful bidding and start of this 70 MW project will also reinforce the position of IPCL as a multifunctional energy solutions provider that can operate in global markets. This step is also perceived to be a proactive measure in relation to the global decarbonization trend; the company is attempting to decrease its carbon footprint and contribute to international climate objectives.

Conclusion

The 70 MW Bhutan solar project is a major step towards the India Power Corporation Limited and a strong move towards the renewable energy sector in the region. The partnership of Indian technical expertise and environmental sustainability in Bhutan will make the project a template for future cross-border energy agreements.

With the ongoing development stages of IPCL, the completion of the plant will probably open up more opportunities to such projects that will further consolidate the role of solar energy in the power of the Himalayan kingdom and strengthen the strategic energy relationship between India and Bhutan.

CRED achieved operating revenue of ₹2,735 crore in FY25, marking operating losses fall by 51%

CRED ₹2,735 Crore Revenue

CRED, a fintech unicorn, has shown a strong financial performance during the fiscal year to March 2025 and recorded a significant growth in the extent of its operations. In FY25, CRED recorded an operating revenue of ₹2,735 crore, according to the company press release, which is 16% higher than it was in the past fiscal year. This increasing trend in revenue has been accompanied by a substantial increase in the bottom line of the company at the operating level. The company has managed to reduce its operating losses by 51%, which has decreased the operating losses to ₹298 crore against the previous year’s higher levels.

Financial health and revenue growth

One of the strongest points of CRED in terms of financial health in FY25 was its gross margins, which were still substantial at around 70%. Although the company continued to improve significantly in its core operations, it was in the red on a net basis as a result of different non-operating expenses. The yearly total net losses reduced by 11.5% compared to the previous year by ₹1,457 crore. This amount contains large amounts of employee stock ownership plans (ESOPs), depreciation and other taxes. Despite these issues, the steady decline in losses is a sign of a planned shift towards financial stability as the company continues to expand its ecosystem.

This was due to the acceleration in the revenue growth, which was mainly due to more users and cross-selling of various financial products. CRED had an increased growth of 14. 5% in the number of monthly transacting users (MTUs) to ₹1.26 crore members. Moreover, the rate of transactions increased significantly by 34%, and users performed 14.4 transactions monthly. The result of such high engagement was an average revenue per user (ARPU) of about ₹2,000. The ability of the platform to retain and monetize its users is seen in the fact that close to 45% of the active users currently use three or more products within the CRED ecosystem.

Strategic expansion and capital infusion

In FY25, CRED substantially broadened its product platform, no longer just concentrating on its traditional credit card payment business, to include additional personal finance and lending solutions. Lending became an important source of revenue, and Managed Assets Under Management (AUM) hit ₹22,000 crore. The company launched some new products, such as CRED Money, enhanced credit score and card management services, a PPI wallet, and the CRED Cash+. The insurance marketplace of the company, CRED Garage, also experienced an increase in revenue related to insurance since it began to add more insurance companies into its system, and it diversified its sources of income.

CRED has so far raised more than $1 billion in nine funding rounds in terms of capital infusion. The company, however, has recently changed its valuation; in May 2025, it raised $72 million in a down round funded by GIC, which re-priced its valuation at $3.64 billion versus a high of $6.4 billion in 2022. Although this has changed the market value of the company, the business has a bright future in terms of financial gains. With a cumulative payment value (TPV) that increased by 23% to reach ₹8.5 lakh crore in FY25, the management at CRED has said that the company is now targeting complete profitability in the next fiscal year of 2026.

Conclusion

The financial performance of FY25 highlights that CRED has shifted to a maturing financial services platform with a definite emphasis on unit economics. The company has reduced its operating losses by almost fifty percent and it is taking healthy gross margins to demonstrate that the concept of focusing on and acquiring high-quality users is paying off.

Having a diversified revenue base that covers lending, payments, and insurance, and an ever-growing transaction rate among its millions of users, CRED seems to be on the right track to achieve its bottom-line profitability in the nearest future.